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Eurgbplong

LONG EURGBPLong EURGBP @ 0.86 TP: 0.88 SL: 0.85 EURGBP has bounced nicely off the 0% fibbo level (0.85390) which suggests that the low is in place for now. Im looking for a correction or retracement that will take us up to the 50% fibbo resistance or 0.88 level. GBP has been very strong of late however I think it has run out of steam up here and we are starting to see better sellers of the Sterling. USD is still relatively week thus I stay out of EURUSD and trade EURGBP instead. If the US dollar does decide to turn and find buyers, it will drive down GBP and as a result help out our EURGBP position. This trade offers a 2:1 risk reward ratio. Goodluck!
Long
by WhosPipsAreTheseAnyway
3
EURGBP long trade ideaPlan: wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2
EURGBP: The end of the DESCENDING CHANNELHi traders and welcome to my channel, if you enjoy my FREE Technical Analysis 📈 and Trading Tips 📉, support the idea hitting the LIKE 👍 button and don't forget to SUBSCRIBE ✔️ my channel, you won't miss anything ! 🟢 Forex Pair : EUR/GBP ⚪ Technical Analysis : Since the 20th of January 2021, the price has been following a really strong descending channel, reaching today an important weekly support zone at about 0.86900. This level rejected the price many times in the past and there is a nice possibility to see the same reaction. 🔴 Conclusion : I'm confindent to see the end of this descending channel, considering that the price almost reached the weekly support zone. It is currently overbought and at the end of its last bearish impulse. By the way, I'll be waiting for the breakout of its channel before planning my long position on this trade. A possible entry point could be a closing bar on the level at about 0.87600! Stay tuned for Updates and Trading Signals ! What's your opinion? Share your idea writing a comment! ⚠️ Please note the views are not investment advice and should be used only for educational purposes ⚠️ Trade Safe and Responsibly , Gianni
Long
by FXtrades-gp
16